FFS Data files Chapter 11
Despite the rise in foreclosures this year, and foreclosure search sites are enjoying increased traffic, FFS Data, the parent company of Foreclosure.com, ForeclosureFreeSearch.com, and ForeclosureDatabase.com filed for Chapter 11 reorganization on December 23rd after 10 years in business, and the news had but a brief press mention on January 1st.
The holidays have concealed the news and FFS Data has lucked out by rolling their $9.1 million in assets and $27.5 million in debts into a Chapter 11 with a pretty bow on it with barely a nod from the public, despite a gross income of $15.7 million in 2009.
FFS Data has 50 contract employees which didn’t get paid on the last payroll date of December 16th. President and CEO Brad Geisen, a Florida broker founded FFS Data and has remained active over the decade. Bradley Shraiberg, FFS Data’s Chapter 11 representation was unavailable for comment to the South Florida Business Journal.
How does a multi-million dollar internet real estate company bankruptcy filing go unnoticed? Is egg nog and champagne that distracting? Perhaps. Although it has not been made public why the bankruptcy has occurred, we are certain that this won’t be the last bankruptcy in the real estate industry we hear about this year.
Robert Luna
January 7, 2010 at 4:56 pm
Agreed how does a major player file for BK protection and does so under the wire. My thoughts are with the employees who didn’t get paid a week before Christmas…ouch… yet according to the article I read (South Florida Business Journal – by Brian Bandell) “It listed Geisen’s salary at $125,000 this year and showed that he got nearly $115,000 in salary, plus a $1.09 million bonus, in 2008.”
Bill
January 9, 2010 at 9:52 am
I hadn’t heard this. Instintively it would seem to be the type of market that this company would thrive. It would be interesting to understand what went wrong.
Matthew Rathbun
January 10, 2010 at 8:08 pm
BWAAAHAHAHAHAHAHAH…. [I only feel bad for it’s employee’s who weren’t paid]
Brandie Young
January 10, 2010 at 8:33 pm
As a practice, we always timed actions (suit filings, etc.) and announcements (layoffs, other bad news). Typically a Friday, or as close to a national holiday as possible to avoid business day press.